中银国际发表报告指，康龙化成(03759.HK) 上半年收入按年增长15%，主要受首20大跨国药企和欧洲市场的贡献带动。核心业务，尤其实验室服务和CMC保持良好增长态势，临床CRO趋于稳定，而大分子和细胞基因治疗业务仍然疲弱。第二季度稳健增长，收入按年增长14%，按季增长8%，盈利能力按季改善，non-IFRS净利润按年增长16%，按季增长15%。
报告指，康龙化成2025年上半年新订单按年增长超10%，其中实验室服务和CMC分别按年增长10%和20%，并新增9个III期和商业化项目。公司维持全年收入增长10%至15%的指引，预计下半年利润率改善，主要受益于CMC规模效应、实验室服务稳定贡献及临床CRO价格企稳。大分子和细胞基因治疗业务短期仍拖累利润，但中长期有望实现盈亏平衡。
中银国际指，基于更保守的利润率假设，小幅下调2025至26年盈利预测，但因订单动能稳健部分抵消地缘干扰，盈利前景改善，上调了2027年及之后的收入预测。目标价从18港元升至25港元，维持“买入”评级。(ha/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-08-25 12:25。)
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